Local companies say they will increase investment for research and development this year to W10.2 trillion, up more than 7 percent from 2012 (US$1=W1,090).

The figures are based on a survey of 334 companies by the Ministry of Knowledge and Economy.

According to the findings, machinery firms are expected to spend the largest amount for R&D at W51 billion on average, followed by chemical and technology firms. Most of the money will be used for developing new products and exploring new markets.